Every year, I share my family's Financial Goals, then update them each quarter, both to hold us accountable and to inspire you to write out and achieve your own goals.
Now that it's fall, it's time to evaluate our progress on our 2015 Financial Goals. I hope you're making good progress on yours! When I updated over the summer, I was pretty disappointed with the lack of progress, so I'm happy to report that we're back on track. Just taking the time to re-read and re-commit to our goals helps us achieve them. Sometimes I need that reminder! Here's the Quarter 3 Update for our 2015 Financial Goals:
1) Live off a two-paycheck budget each month. ONGOING
We struggled with this for the first half of the year, but now we're on track. We've had a few sit-downs about the monthly budget, reminded ourselves what was coming up (expense-wise) and budgeted accordingly
2) Work to reduce our monthly expenses. STILL NOT HAPPENING
We never did tackle this systematically the way I said I would at the beginning of the year. Instead, I earned more money all summer (through babysitting, selling off clutter, and online work) so that we came out on top. It's not usually how I balance the budget, but it did reduce my stress about it. My husband still thinks we can do this in the last quarter, but I'm being pessimistic because our schedules are so hectic right now. Not sure what to do about this one…
3) Deposit the maximum into my IRA for 2015. ONGOING
So glad this is finally on track after several years of playing catch-up and having to put out a lot of money come tax-time.
4) Add $5,000 more to our emergency fund. DONE
The extra income I earned this summer made this happen. Thank goodness, because it should have happened sooner in the year.
5) Set aside $3,000 for an orthodontics fund. DONE
We ended up only spending $1100 of what we set aside, since only one of the three kids has started their orthodontic treatment so far. We know there's more to come next year, so we'll keep setting aside money for the rest of the procedures.
6) Earn $12,000 (net) with my two side businesses (blogging and babysitting). EXCEEDING!
I actually made this goal by the end of July because I decided to take on extra babysitting over the summer and I took on more freelance work rather than take the summer off (as I usually do). It was stressful (the work part) and fun (the babysitting part), but I'm happy with the results. It's allowed us to get ahead on some of the other goals above and set me up for a profitable fall.
We're already looking ahead to 2016 and have been throwing some ideas out. We'll plan to sit down before the end of December so we can celebrate these goals we've achieved and write new ones for next year.
Original image from Ryan McGuire at Magdeleine